Previous models and retirement comparisons · preserved, not the current plan
The current plan above continues contributions through Year 15 with no retirement. This archive retains the earlier contribution-stop assumptions, rate calculations and retirement outcomes solely for reconciliation. These are not current funding conclusions.
Historical dashboard and analysis: preserved, not the current rebuilt plan
These original tables and scenarios are preserved for reconciliation. They include superseded inputs, the excluded housing plan and the deferred $50,000 draw. Their controls and retirement conclusions do not update or validate the current rebuild above.
Whole Life Policies — Current Status · As of Sep 19, 2026
Craig / 1000462333 ONTARIO Inc · #3899982
Cash Value
$244,255.98
Loan Balance
$204,398.68
Available
$15,431.70
Net (CV − Loan)
$39,857.30
Melissa / 1000462333 ONTARIO Inc · #3899987
Cash Value
$82,516.30
Loan Balance
$62,328.42
Available
$11,936.25
Net (CV − Loan)
$20,187.88
Craig (Matteo) · #3900001
Cash Value
$6,535.24
Loan Balance
$4,207.37
Available
$1,674.35
Net (CV − Loan)
$2,327.87
Craig (Madison) · #3900013
Cash Value
$6,860.73
Loan Balance
$4,315.49
Available
$1,859.17
Net (CV − Loan)
$2,545.24
Combined — All 4 Policies
Total Cash Value
$340,168.25
Total Loan Balance
$275,249.96
Total Available
$30,901.47
Net (CV − Loan)
$64,918.29
Utilization
80.9%
of cash value
Balances were supplied by Craig on September 19, 2026, with no additional draw deducted. The exact figures also appear in Sue MacLean's September 8 email; their effective date needs reconciliation. Reported availability reconciles to the 90% CSV limit.
The $1,980 September Madison draw is recorded separately; whether it is already included in this snapshot and which policy funds it are not yet confirmed.
Madison's policy alone has $1,859.17 available, $120.83 less than that planned draw.
The near-term model below starts from these actual balances. The 15-year table retains its existing monthly-compounded baseline and is not rebased by the near-term scenarios. Legacy readiness scores and self-funding statements do not validate the updated house or retirement plan; see the combined impact and retirement stress test below.
Updated WL outlook: Madison, December and Urus
Illustratively starting September 19, 2026 from the supplied balances; effective date is unconfirmed because the figures match the September 8 adviser email. All amounts CAD. No $15,000 personal draw. Madison starts at $1,980/month, increasing 2.5% each September from 2027; Urus adds $4,300/month from January 2027 by default.
| Month end | Premium | Madison | Urus | Dec invest draw | Cash value | Loan | Room at 90% |
|---|
Planning assumptions: $16,700 monthly premiums; 100% credited to CSV as in the existing simplified model; 5% annual CSV growth and 8% annual loan interest, each divided by 12 for monthly compounding. Premiums and expense draws are applied before monthly growth/interest. September uses only the remaining 11/30 of a month; a draw still outstanding is assumed made now. By default, September's premium is already in the snapshot, but its Madison draw is not. These timing assumptions require confirmation. Actual premium-to-CSV credits, dividends, interest timing and lender terms may differ; this is not a carrier illustration. The optional December draw occurs after December interest and uses an aggregate 85% ceiling, not the existing per-policy Dec Invest calculation. The default sizes this draw to preserve at least $10,000 of combined room through March after the extra personal spending specified below. It is an illustrative amount, not an approved or safe maximum: policy-level allocation and caps must be checked before borrowing. This regular-expense table excludes that extra personal spending, which is included in the separate full-2027 table below. No December 2027 investment draw is assumed in this regular-expense table. Loans and interest are not silently clipped at a cap: any projected negative 90% room is flagged. Expenses funded by WL are not also charged to the portfolio. The cancelled-$15,000 comparison is a same-starting-balances counterfactual, not a comparison with the old 15-year estimates.
March 2027 personal spending: Year 10 investment impact
The selected planning scenario includes $50,000 of personal spending in March 2027, funded from WL, with Madison and Urus unchanged. This is modeling authorization, not an instruction to execute a loan. Compare otherwise identical plans through December 2035, Year 10 of the 2026 plan, not ten years after March 2027.
2027 monthly plan, including March spending and December investing
| Month end | Premium | Madison + Urus | Extra spending | Investment draw | Cash value | Loan balance | Room at 90% |
|---|
Investment impact through Year 10
| Year end | Dec investment: no extra spend | Dec investment: with extra spend | Investment balance reduction |
|---|
This is the incremental effect on investments, not a new total-portfolio or retirement forecast. The existing starting portfolio, housing flows (Option B) and other portfolio flows are held identical and therefore cancel from the comparison; no second $50,000 portfolio withdrawal is applied. The September timing and December 2026 investment controls above also govern this comparison. The buffer-sized December amount is held identical in both cases to isolate the cost of personal spending. Both cases borrow any positive aggregate room to an 85% CSV target every December from 2027 through 2035. Investment proceeds are credited at year-end and earn the selected annual return thereafter. The comparison uses the same 5% CSV / 8% loan assumptions and full premium-to-CSV credit as the near-term model. Per-policy borrowing capacity and draw allocation are not verified; the aggregate 85% target is a planning approximation, not a replacement for the original per-policy Dec Invest logic. A breach of the 90% limit is displayed, never erased by reducing the loan. A flagged scenario is not executable as modeled.
2027 spending impact on investments and the house plan
Updated scenario: $50K spending, policy loans and retirement cash flow
August 25 decisions are retained: Option B keeps the house downpayment outside WL, premiums continue through 2035, and retirement is targeted for January 2036. The older assurances are reproduced and audited here, not silently replaced by a new forecast. Future policy-level availability is not verified by the September balance snapshot.
Complete retirement strategy comparison
September 21 reconciliation: Compare December 2035 closing with January 2036 opening on the 15-Year tab. Original tables are preserved; retirement viability remains unresolved.
Primary 15-year model: reconciliation in progress. Earlier funded-retirement assurances and newer shortfall results conflict. The original table is preserved; neither is a verified retirement verdict until the differences below are resolved.
Loading the saved retirement-opening reconciliation.
Earlier September 20 scenario: superseded account and rental inputs
This earlier interactive scenario omits the restored IRA and retains the former rental-support assumptions. It is preserved for reconciliation only, not the latest approved set of inputs. Its “confirmed” labels describe the September 20 snapshot.
March 2027 personal spending is now included in the investment projection.
Spending impact is linked; the underlying house and retirement baseline remains under review. Income and policy-balance columns are preserved baseline inputs.
With / without spending: annual impact and limitations
Both cases hold the December 2026 investment amount, regular Madison and Urus draws, premiums and house flows identical. The spending reduces later borrowing available for investment; it is not also deducted from the portfolio as a second withdrawal. After 2035, the investment difference compounds at the selected return assuming identical subsequent cash flows.
Isolated spending adjustment, not a fully reconciled funding plan. The original policy-balance, December-investment, net-flow and editable income columns remain baseline inputs, not the revised monthly ledger. The main income chart and income-based readiness metrics remain baseline-only. House affordability, borrowing limits, retirement cash flows and premium cessation still require the checks in their existing tabs. Any negative projected portfolio is an unfunded scenario, not available capital.
Total Net Worth & Estate Value
Annual Investment Income · baseline input, not spending-adjusted
WL Cash Value vs. Loan Balance
WL Safety Margin (Death Benefit — Loan)
15-Year Projection
Column guide:
WL Cash = policy cash value |
WL Loan = amount borrowed against policy |
WL Net = cash minus loan (your usable equity) |
WL New Room = new borrowing headroom at 90% cap (informational) |
Dec Invest = preserved formula output, not an approved withdrawal. The fixed policy-loan arrays do not roll these advances forward; see the reconciliation above before relying on borrowing room. |
WL Avail @15% = running compounded total of all Dec invest draws at 15% — the long-term snowball |
WL Safety = death benefit minus loan (estate floor) |
Urus Delta = annual Urus carrying cost delta (lease/ownership change vs prior year) |
Net Cash = cumulative invested portfolio, net after Urus & housing costs |
Inv. Income = annual income generated by that portfolio |
Net Flow = net cash injection (+) or withdrawal (-) to the portfolio that year
September 2026 withdrawal plan
Confirmed September 19, 2026. Madison monthly draw: $1,980 CAD. Personal draw: $0. Total planned withdrawal: $1,980 CAD.
The previously planned $15,000 personal draw is cancelled; the September total is no longer $16,980. Monthly premiums remain $16,700 across the four policies and are separate from withdrawals. This records the plan, not a processed Manulife transaction.
Historical planning notes (June and July 2026). September withdrawal amounts below are superseded by the confirmed plan above.
ⓘ Jul 24, 2026 planning update — withdrawal schedule standardized:Madison school-fee draw standardized to $3,465/month (was a taper: Jul/Aug $3,465 → Sep–Dec $1,765) — new standing monthly amount applies going forward from Aug 2026 onward, both for the remainder of 2026 and as the 2027+ baseline. Remaining 2026 draws (Aug–Dec, 5 months): $17,325 (was $10,525 under the old taper, +$6,800).
$20,000 total Aug 2026 withdrawal — includes the $3,465 Madison school fee draw; net additional above standing monthly draw is $16,535. Funded from Craig/Ontario Inc policy #3899982. Combined available room after the Aug rebuild and this $20K total: ~$29,780 (down from a projected $56,315 without the extra withdrawal) — still comfortably positive, but this is the tightest point in the 2026 schedule.
Correction (Jul 25, 2026): Urus lease does not start until Jan 2027, at $4,300/month (not Jul 2026 as previously modeled) — removed from all 2026 room/loan calculations below.
Projected combined room by Dec 1, 2026 (with $13,500/mo net new borrowing room, $3,465/mo standard draw incl. in the $20K Aug total, and the Aug draw factored in — no Urus cost in 2026): ~$68,920. WL Cash/Loan year-end 2026 estimates in the 15-Year Outlook table below: $396K cash / $285K loan; 2027 (first full year of Urus at $4,300/mo + the $3,465/mo standard draw): $553K / $327K. The $20K expense withdrawal does not flow into the invested portfolio (Net Flow / annualDraw unchanged) since it is being spent, not invested.
ⓘ Jul 24, 2026 update — what changed today:
Policy actuals updated (source: Control & Compound statement, Jul 24 2026): Craig/Ontario Inc #3899982 $230,157.81 cash / $183,806.65 loan / $23,335.38 avail · Melissa #3899987 $77,629.57 / $56,676.43 / $13,190.18 · Matteo #3900001 $6,290.29 / $4,161.25 / $1,500.01 · Madison #3900013 $6,613.81 / $4,268.19 / $1,684.24.
$3,465 withdrawn Jul 24, 2026 from Craig/Ontario Inc policy #3899982 — loan balance adjusted from $183,806.65 to $187,271.65; available room drops to $19,870.38.
Combined (all 4 policies, post-withdrawal): $320,691.48 cash / $252,377.52 loan / $36,244.81 available. Utilization 78.7%.
ⓘ Jun 1, 2026 update — what changed that day:
Policy actuals updated (source: Sue MacLean, Control & Compound, Jun 1 2026): Craig #3899982 $205,614 cash / $158,402 loan / $26,651 avail · Melissa #3899987 $68,937 / $50,611 / $11,432 · Matteo #3900001 $5,529 / $4,135 / $841 · Madison #3900013 $5,653 / $4,241 / $847. Combined: $285,733 cash / $217,389 loan / $39,771 available. Utilization improved from 80.4% → 76.1%.
$30,000 WL draw taken Jun 2026: borrowed against Craig’s policy for renovations/expenses. After this draw: ~$9,771 immediately available. Once June $16,700 premium posts (~Jun 5), availability rebuilds to ~$23,300. Draw is fully manageable — policies generate ~$13,500/month in net new borrowing room.
Madison school fee draws (Manulife, Maddie-CDS schedule): Jul 1 $3,465 (funded from Craig/Ontario Inc, see Jul 24 planning update above) · Aug 1 $3,465 · Sep 1 $1,765 · Oct 1 $1,765 · Nov 1 $1,765 · Dec 1 $1,765 — original taper totaled $13,990 for the remainder of 2026. Superseded Jul 24, 2026 — standardized to $3,465/month for all remaining 2026 draws (see above), now $17,325 remaining.
June $16,700 premium contribution NOT yet made as of Jun 1 — will post ~Jun 5. All 15-year projections are rebased from Jun 1 actuals.
Why some numbers are negative — and why that’s okay: Net Flow negative (yrs 2–7): planned spending — portfolio funding life and home build, not a sign of loss. WL Loan growing (280K → 3,225K): intentional policy borrowing for lifestyle and housing. Loans require no repayment — offset by death benefit. WL Safety declining: gap between $10M death benefit and loan shrinks as loan grows — still healthy throughout the 15-year window.
✓ WL safety confirmed: death benefit ($10M) exceeds loan in every year. Year 15 loan is $3.23M — leaving a $6.77M safety margin. Policy is solvent throughout.
Age 120 Projection
Long-horizon estate compounding — how wealth grows if the portfolio compounds untouched
ⓘ Reading this table:
WL Net negative at older ages: if WL Loan exceeds Cash Value, the policy would be under stress. All rows here show positive WL Net, meaning the policy remains solvent through age 120. · WL Safety shrinking over time: the loan balance grows each decade as lifestyle draws accumulate. This is intentional — you are using the policy as a tax-free income engine. The death benefit ($10M) still exceeds the loan in all rows. · The highlighted crossover row (teal) marks where investment income alone exceeds estimated living expenses — from that age forward the portfolio is fully self-funding with no need to draw on WL or principal. · Terminal estate at age 120 appears large ($138B at 15% return) because of decades of compounding. Stress-test it using the 8% return toggle — the plan remains viable at much lower rates.
WL Net negative at older ages: if WL Loan exceeds Cash Value, the policy would be under stress. All rows here show positive WL Net, meaning the policy remains solvent through age 120. · WL Safety shrinking over time: the loan balance grows each decade as lifestyle draws accumulate. This is intentional — you are using the policy as a tax-free income engine. The death benefit ($10M) still exceeds the loan in all rows. · The highlighted crossover row (teal) marks where investment income alone exceeds estimated living expenses — from that age forward the portfolio is fully self-funding with no need to draw on WL or principal. · Terminal estate at age 120 appears large ($138B at 15% return) because of decades of compounding. Stress-test it using the 8% return toggle — the plan remains viable at much lower rates.
Housing Finance
Build cost breakdown for the new King City home — edit any cell
ⓘ Reading this table:
Carrying costs (~$275K, yrs 5–6): these are interest-only payments and holding costs during the build period. They are funded first from WL loan room, then investments — not cash out of pocket. · Sale of old home ($4.23M net, yr 6): this is cash in, applied directly to pay down the bridge loan ($1.2M) and old mortgage ($2.1M). Net equity released: $930K — optional reinvestment into portfolio. After this, the housing stack is clean: one $5.2M mortgage at $26,219/mo. · Total build cost $9.5M = land ($3.5M) + construction ($5.5M) + landscaping ($0.5M). The renovation budget ($2M) is a separate line in the Home Purchase tab.
Carrying costs (~$275K, yrs 5–6): these are interest-only payments and holding costs during the build period. They are funded first from WL loan room, then investments — not cash out of pocket. · Sale of old home ($4.23M net, yr 6): this is cash in, applied directly to pay down the bridge loan ($1.2M) and old mortgage ($2.1M). Net equity released: $930K — optional reinvestment into portfolio. After this, the housing stack is clean: one $5.2M mortgage at $26,219/mo. · Total build cost $9.5M = land ($3.5M) + construction ($5.5M) + landscaping ($0.5M). The renovation budget ($2M) is a separate line in the Home Purchase tab.
Updated house funding: comparison and items to reconcile
ⓘ Mortgage Payment Phases — What You Actually Pay Each Month
3-Layer Funding Waterfall — Covering the Peak Payment Lift
Mortgage Step-Up vs. Today
Phase 1 — Baseline 2026–2029
$30,925/mo
DSR 36.9% ✓ Comfortable
15 John St $14,225 · WL premiums $16,700 · Net income $83,703/mo · Surplus $52,778/mo
Phase 2 — Purchase Year 2030 (PEAK)
$64,478/mo
DSR 67.5% — Heavy but manageable
New mortgage $26,219 · Construction IO $9,333 · Bridge $7,000 · 15 John St $14,225 · WL $16,700 · Net income $95,524/mo · Surplus $31,046/mo
Phase 3 — Bridge Overlap Jan–Apr 2031
$63,644/mo
DSR 64.4% — Short window
New mortgage $26,219 · Bridge loan $7,000 · 15 John St $14,225 · WL $16,700 · Net income $98,751/mo · Surplus $35,107/mo
Phase 4 — Stabilized Mid-2031+
$42,919/mo
DSR 43.5% ✓ Back to comfort zone
King City mortgage only $26,219 · WL $16,700 · Net income $98,751/mo · Surplus $55,832/mo · All bridge & construction retired
The 16-month peak period (Jan 2030–Apr 2031) creates a comfort-zone gap of ~$11,940/mo above the 55% DSR ceiling. Three layers cover it without touching retirement principal:
LAYER 1 — WL Policy Loan · $153,400
Drawn Jan 2030 · Covers gap for first 12.8 months · No monthly repayment · Interest accrues 6.2%/yr · Repaid Apr 2031 from 15 John St sale proceeds
LAYER 2 — Investment Income Redirect · ~$37,637
After WL depleted · Portfolio at $730K+ generates $24,333/mo gross · Redirect reinvestment only — principal untouched · Only 3 months needed · Retirement impact <2% of 2040 target
LAYER 3 — Monthly Surplus · $31,046/mo
Already cash-flow positive throughout peak period without any draws. Layers 1+2 are comfort cushions only — the plan is executable on income alone even at peak DSR.
Today: $14,225/mo on 15 John St. Post-2031 stabilized: $26,219/mo on King City — a permanent +$11,994/mo increase. By retirement (yr 11, 2036), this has been your only mortgage for 5 years. Gross investment income covers 136% of all retirement needs including this mortgage. After-tax gap is only $2,698/mo — filled by WL policy loan draws already modelled in the 15-year plan.
Home Value
15 John St equity & sale waterfall, then new build projection — toggle appreciation rate below
ⓘ Reading the sale waterfall:
Selling costs (−$319K): Ontario real estate transaction costs — realtor commission (~3.5%), legal fees, land transfer. Standard for a home at this price point. Adjust the % in the inputs below if you negotiate a lower commission. · Mortgage payoff at sale (−$1.48M): by 2031, after 5 years of $14,225/mo payments, the TD mortgage will have amortized to ~$1.48M. This is automatically deducted from proceeds — you don't need to write a cheque separately. · Net equity released ($4.59M): this is real cash that flows directly into the plan — used to repay the bridge loan, any remaining construction debt, and top up the investment portfolio. It's why the year-6 cash flow tab shows large outflows but the overall plan stays healthy. · Appreciation rate sensitivity: toggle between 4%/6%/8% to see how net proceeds change. Even at 4% (conservative), the net equity released is still ~$3.6M — enough to clear all housing debt.
Selling costs (−$319K): Ontario real estate transaction costs — realtor commission (~3.5%), legal fees, land transfer. Standard for a home at this price point. Adjust the % in the inputs below if you negotiate a lower commission. · Mortgage payoff at sale (−$1.48M): by 2031, after 5 years of $14,225/mo payments, the TD mortgage will have amortized to ~$1.48M. This is automatically deducted from proceeds — you don't need to write a cheque separately. · Net equity released ($4.59M): this is real cash that flows directly into the plan — used to repay the bridge loan, any remaining construction debt, and top up the investment portfolio. It's why the year-6 cash flow tab shows large outflows but the overall plan stays healthy. · Appreciation rate sensitivity: toggle between 4%/6%/8% to see how net proceeds change. Even at 4% (conservative), the net equity released is still ~$3.6M — enough to clear all housing debt.
Scenario Comparison
Conservative / Base / Aggressive — same plan, different investment return assumptions. The −$13M vs Base for Conservative is not a loss — it shows the difference in outcome if returns average 8% instead of 15%.
Net Worth — All Three Scenarios
Annual Cash Flow
Money in vs. money out each year — use arrows to step through years. Note: year 6 (2031) shows a large negative net flow because mortgage payoff and bridge repayment ($3.3M) happen before sale proceeds are reinvested — this is expected and planned.
ⓘ Why negative net flows are okay in this plan:
Years 1–4 (small negatives): early WL policy draws (year 1) and Urus lease costs starting Jan 2027 (years 2–4) create a modest net outflow. The portfolio is still growing because investment income > outflows. · Year 5 (2030, −$521K): home purchase year. Down payment ($1.2M) and first renovation draws ($600K) leave the portfolio. This is a planned capital deployment into a $4.5M+ appreciating asset, not a loss. · Year 6 (2031, large negative): the peak outflow year. Bridge loan repayment ($1.2M) and old mortgage payoff ($2.1M) show as outflows here — but these are immediately offset by the old home sale proceeds (modeled in the Home Value tab). Net after sale: +$4.59M equity released. · Years 7–9 (stabilization): portfolio rebuilds. No housing costs, WL lifestyle draws begin but are covered by growing investment income. · Archived projection, not a readiness verdict. The earlier self-funding conclusion and $13M portfolio claim are not supported by a reconciled cash ledger. January 2036 retirement remains the target; premium cessation, loan repayment strategy, investment withdrawals and housing flows require reconciliation. See the audit above.
Years 1–4 (small negatives): early WL policy draws (year 1) and Urus lease costs starting Jan 2027 (years 2–4) create a modest net outflow. The portfolio is still growing because investment income > outflows. · Year 5 (2030, −$521K): home purchase year. Down payment ($1.2M) and first renovation draws ($600K) leave the portfolio. This is a planned capital deployment into a $4.5M+ appreciating asset, not a loss. · Year 6 (2031, large negative): the peak outflow year. Bridge loan repayment ($1.2M) and old mortgage payoff ($2.1M) show as outflows here — but these are immediately offset by the old home sale proceeds (modeled in the Home Value tab). Net after sale: +$4.59M equity released. · Years 7–9 (stabilization): portfolio rebuilds. No housing costs, WL lifestyle draws begin but are covered by growing investment income. · Archived projection, not a readiness verdict. The earlier self-funding conclusion and $13M portfolio claim are not supported by a reconciled cash ledger. January 2036 retirement remains the target; premium cessation, loan repayment strategy, investment withdrawals and housing flows require reconciliation. See the audit above.
Retirement Readiness
Overall plan health score across 6 dimensions — higher is better, 80+ means you're on track
ⓘ About the scores:
Return Rate Realism (85): 15% is achievable with active management but aggressive. The score reflects this honestly. Use the rate toggle to see how the plan holds at 8–12% — it remains viable. · Housing Debt Load (70): the $9.5M build cost is 45% of year-15 net worth. This is the plan's main stress point — a significant capital deployment into an illiquid asset. It resolves by year 7 once the old home is sold and the new mortgage stabilizes. · Overall 88/100: “On Track” reflects a genuinely strong plan. The two lower scores (return rate realism, housing debt) are known and intentional trade-offs — not surprises.
Return Rate Realism (85): 15% is achievable with active management but aggressive. The score reflects this honestly. Use the rate toggle to see how the plan holds at 8–12% — it remains viable. · Housing Debt Load (70): the $9.5M build cost is 45% of year-15 net worth. This is the plan's main stress point — a significant capital deployment into an illiquid asset. It resolves by year 7 once the old home is sold and the new mortgage stabilizes. · Overall 88/100: “On Track” reflects a genuinely strong plan. The two lower scores (return rate realism, housing debt) are known and intentional trade-offs — not surprises.
W10 Income Projection
VP, Chief Security Officer · Level E2 · Base $1.12M CAD · 2026–2040
ⓘ How this connects to the retirement plan:
Base salary funds living expenses (~$180–250K/yr) and the annual new cash invested into the portfolio. Surplus above expenses compounds at 15%. · Annual bonus (20% of base × multiplier) is treated as a lump-sum top-up to the portfolio each year — not spent. At 120% multiplier on a $1.4M base by 2035, the bonus alone exceeds $336K/yr. · After-tax net uses Ontario's combined top marginal rate of 54% (federal + provincial). This is the conservative real take-home figure — effective rates on lower brackets mean your blended rate is somewhat lower, but 54% is the right number for planning purposes on income at this level. · Raise scenarios (3/4/5%): even at 3% the base reaches $1.74M by 2040. At 5% it reaches $2.37M. The difference in total compensation over 15 years is over $4M. · ✓ All amounts in CAD. Bonus shown pre-tax as a planning reference.
Base salary funds living expenses (~$180–250K/yr) and the annual new cash invested into the portfolio. Surplus above expenses compounds at 15%. · Annual bonus (20% of base × multiplier) is treated as a lump-sum top-up to the portfolio each year — not spent. At 120% multiplier on a $1.4M base by 2035, the bonus alone exceeds $336K/yr. · After-tax net uses Ontario's combined top marginal rate of 54% (federal + provincial). This is the conservative real take-home figure — effective rates on lower brackets mean your blended rate is somewhat lower, but 54% is the right number for planning purposes on income at this level. · Raise scenarios (3/4/5%): even at 3% the base reaches $1.74M by 2040. At 5% it reaches $2.37M. The difference in total compensation over 15 years is over $4M. · ✓ All amounts in CAD. Bonus shown pre-tax as a planning reference.
ClassifD Income
$400K USD base · 10% effective tax assumption · vs. employment income equivalent · 2026–2040
ⓘ How to read this table:
ClassifD gross (USD/CAD): your $400K USD annual income, converted at the saved planning FX rate of 1.3731 CAD/USD, growing at 2/3/4%/yr. This is a full-year run rate, not a statement of 2026 income already received. · After 10% assumed tax (net CAD): scenario only; the effective tax rate has not been reverified. · Employment income equivalent: the table recalculates the gross employment income needed to match the scenario net income, using the saved 54% employment-tax assumption. · ✓ Tax advantage: the difference between the employment gross and your ClassifD gross is your annual structural tax saving. This compounds significantly over the 15-year window.
ClassifD gross (USD/CAD): your $400K USD annual income, converted at the saved planning FX rate of 1.3731 CAD/USD, growing at 2/3/4%/yr. This is a full-year run rate, not a statement of 2026 income already received. · After 10% assumed tax (net CAD): scenario only; the effective tax rate has not been reverified. · Employment income equivalent: the table recalculates the gross employment income needed to match the scenario net income, using the saved 54% employment-tax assumption. · ✓ Tax advantage: the difference between the employment gross and your ClassifD gross is your annual structural tax saving. This compounds significantly over the 15-year window.
Total Income
W10 (employment) + ClassifD · gross and net · 2026–2040
ⓘ How this works:
W10 income uses whatever raise rate and multiplier you have selected in the W10 Income tab. · ClassifD income uses whatever raise rate you have selected in the ClassifD Income tab. · Tax treatment: W10 employment income taxed at 54% (Ontario top marginal). ClassifD income taxed at 10% effective. These are independent — the combined net is the sum of both after-tax streams. · ✓ Toggle raise rates and multipliers in their respective tabs to update this view.
W10 income uses whatever raise rate and multiplier you have selected in the W10 Income tab. · ClassifD income uses whatever raise rate you have selected in the ClassifD Income tab. · Tax treatment: W10 employment income taxed at 54% (Ontario top marginal). ClassifD income taxed at 10% effective. These are independent — the combined net is the sum of both after-tax streams. · ✓ Toggle raise rates and multipliers in their respective tabs to update this view.
559 Heman Street — Property Analysis
Newmarket, ON · Registered Duplex (2 rental units) · 20-year value & equity projection · Refinance analysis
Appraised Value
$740K
Confirmed appraisal Apr 2026
Mortgage Balance
$602K
As of Mar 22, 2026 · 3.86% variable
Net Equity
$303K
Value minus mortgage
Gross Rental Income
$4,550
/mo · $2,275 per unit (est.)
Monthly Cash Flow
+$584
After mortgage + expenses
Gross Yield
6.03%
Annual rent / property value
Appreciation Rate
Conservative 3%, Base 5%, Historical GTA avg 6.5%
Mortgage Scenario
Refinance: pulls max equity out at 80% LTV (rental)
Mortgage Details (From Statement)
Balance: $601,718.20
Rate: 3.86% (TD Prime −0.74%)
Payment: $3,466.03/mo
Maturity: Jan 01, 2030
Remaining Amort: 21y 2m 10d
Rate: 3.86% (TD Prime −0.74%)
Payment: $3,466.03/mo
Maturity: Jan 01, 2030
Remaining Amort: 21y 2m 10d
Property Value vs. Mortgage Balance (20 Yrs)
Net Equity Growth (20 Yrs)
20-Year Property & Equity Projection
2026–2046 · values adjust with appreciation rate selected above
Refinance & Equity Pull-Out Analysis
TD Private Banking · Rental Property Rules · Real-time calculation
Rental Income & Cash Flow
Both units · Huron Heights-Leslie Valley market data · Feb 2026
ⓘ Data Sources & Assumptions:
Confirmed appraisal value: $740,000 (Apr 2026). Bank lends up to 80% LTV = $592,000 max loan. Current mortgage balance $601,718 exceeds this threshold — no cash available via refinance at this appraisal. Property would need to appreciate to ~$752,000 for refinancing to unlock equity. Appreciation scenarios: Conservative 3% (current Newmarket forecast per meetmatthew.ca), Base 5% (York Region long-run average), Historical 6.5% (Canada 15yr avg per Clover Mortgage). Rental rates from Newmarket Rental Market Report Feb 2026 — Huron Heights avg $2,056/mo, median $1,925/mo. All figures are estimates — not financial advice. Consult your TD Private Banking advisor.
Confirmed appraisal value: $740,000 (Apr 2026). Bank lends up to 80% LTV = $592,000 max loan. Current mortgage balance $601,718 exceeds this threshold — no cash available via refinance at this appraisal. Property would need to appreciate to ~$752,000 for refinancing to unlock equity. Appreciation scenarios: Conservative 3% (current Newmarket forecast per meetmatthew.ca), Base 5% (York Region long-run average), Historical 6.5% (Canada 15yr avg per Clover Mortgage). Rental rates from Newmarket Rental Market Report Feb 2026 — Huron Heights avg $2,056/mo, median $1,925/mo. All figures are estimates — not financial advice. Consult your TD Private Banking advisor.
766A Botany Hill Crescent — Property Analysis
Newmarket, ON L3Y 3A8 · Registered Duplex (2 rental units) · 20-year projection · Refinance analysis
Appraised Value
$873K
Confirmed appraisal Apr 2026
Mortgage Balance
$510K
As of Mar 22, 2026 · 4.22% variable
Net Equity
$385K
Value minus mortgage
Gross Rental Income
$4,550
/mo · $2,275 per unit (est.)
Monthly Cash Flow
-$435
After mortgage + expenses
LTV
57.0%
Strong equity position
Appreciation Rate
Conservative 3%, Base 5%, Historical GTA avg 6.5%
Mortgage Scenario
Refinance: pulls max equity at 80% LTV (rental)
Mortgage Details (From Statement)
Balance: $510,282.28
Rate: 4.22% (TD Prime −0.38%)
Payment: $3,715.89/mo
Maturity: Nov 01, 2030
Remaining Amort: 15y 7m 10d
Rate: 4.22% (TD Prime −0.38%)
Payment: $3,715.89/mo
Maturity: Nov 01, 2030
Remaining Amort: 15y 7m 10d
Property Value vs. Mortgage Balance (20 Yrs)
Net Equity Growth (20 Yrs)
20-Year Property & Equity Projection
2026–2046 · updates with appreciation rate above
Refinance & Equity Pull-Out Analysis
TD Private Banking · Rental Property Rules · Real-time
Rental Income & Cash Flow
Both units · Huron Heights-Leslie Valley market data · Feb 2026
ⓘ Data Sources & Assumptions:
Confirmed appraisal value: $872,500 (Apr 2026). Bank lends up to 80% LTV = $698,000 max loan. Current mortgage balance $510,282 — $187,718 available to pull via refinance. Same Huron Heights neighbourhood, same rental market conditions as 559 Heman. Appreciation, rental rate, and expense assumptions identical. All figures are estimates — not financial advice.
Confirmed appraisal value: $872,500 (Apr 2026). Bank lends up to 80% LTV = $698,000 max loan. Current mortgage balance $510,282 — $187,718 available to pull via refinance. Same Huron Heights neighbourhood, same rental market conditions as 559 Heman. Appreciation, rental rate, and expense assumptions identical. All figures are estimates — not financial advice.
4142 SW 23rd Ave — Cape Coral, FL Property Analysis
Cape Coral, FL 33914 · Single Family (3 bed / 2 bath / 1,573 sqft) · 20-year projection · USD & CAD · Refinance analysis
Est. Current Value
$351K
Zillow Zestimate · Mar 2026
Loan Balance
$152K
As of Mar 22, 2026 · 3.63% (TD)
Net Equity
$199K
Value minus loan balance
Est. Monthly Rent
$2,100
/mo · Cape Coral 3BR avg (long-term)
Monthly Cash Flow
—
After mortgage + expenses
LTV
43.3%
Strong equity position
Currency Display
Rate: 1 USD = 1.3723 CAD (Mar 22, 2026)
Appreciation Rate
Conservative 2%, Recovery 3-4%, Historical SW FL 6%
Mortgage Scenario
Refinance: pulls max equity at 75% LTV (investment, TD US)
Loan Details (From Statement)
Balance: $152,138.99 USD
Rate: 3.63% (TD Loan x4320)
Min. Payment: $53.09/mo
Last Payment: Mar 1, 2026
Next Due: Apr 1, 2026
Rate: 3.63% (TD Loan x4320)
Min. Payment: $53.09/mo
Last Payment: Mar 1, 2026
Next Due: Apr 1, 2026
Property Value vs Net Equity (20yr)
Annual Cash Flow Trend
20-Year Property & Equity Projection
2026–2046 · updates with currency and appreciation rate above
Refinance & Equity Pull-Out Analysis
TD Bank US · Private Banking · Investment Property Rules · Real-time
Rental Income & Cash Flow
Cape Coral FL long-term rental market · Mar 2026 · Apartments.com / Zillow / RentCafe
ⓘ Data Sources & Assumptions:
Property value: $351,000 USD per Zillow Zestimate (Mar 2026) — 3 bed, 2 bath, 1,573 sqft, built 2003, 0.25 acre. Range $326K–$376K. Loan balance $152,138.99 USD from TD statement (Mar 22, 2026), 3.63% fixed rate. Cape Coral market down ~10% YoY — appreciation scenarios reflect correction/recovery cycle per HBI (2026) and March 2026 MLS data. Rental rate $2,100/mo = Apartments.com 3BR avg (Mar 2026). TD US investment property HELOC max $500K — investment property eligible per TD Bank US. USD/CAD rate 1.3723 (Mar 22, 2026). All figures are estimates — not financial advice.
Property value: $351,000 USD per Zillow Zestimate (Mar 2026) — 3 bed, 2 bath, 1,573 sqft, built 2003, 0.25 acre. Range $326K–$376K. Loan balance $152,138.99 USD from TD statement (Mar 22, 2026), 3.63% fixed rate. Cape Coral market down ~10% YoY — appreciation scenarios reflect correction/recovery cycle per HBI (2026) and March 2026 MLS data. Rental rate $2,100/mo = Apartments.com 3BR avg (Mar 2026). TD US investment property HELOC max $500K — investment property eligible per TD Bank US. USD/CAD rate 1.3723 (Mar 22, 2026). All figures are estimates — not financial advice.
Nuvacore — Series A · Friends & Family Carve-Out
John Bruno Investment Analysis
Adjust parameters below — all figures recalculate instantly
Company
Nuvacore
CPU startup · April 2026
Founders
Williams · Bruno · Srinivasan
Ex-Apple · Ex-NUVIA · Ex-Qualcomm
Lead Investor
Sequoia Capital
Also backed NVIDIA early
Series A Total
~$200M
F&F carve-out: $2M reserved
Strategic Interest
Intel + hyperscalers
Acquisition offers on record
Prior Exit (same team)
NUVIA → Qualcomm $1.4B
2021 acquisition
Investment Parameters
Your investment (F&F max: $2M)
$200,000
$25K$2M
F&F valuation cap (SAFE) ★ most important
$150M
$25M$500M
Series A pre-money (institutional)
$1.5B
$100M$5B
Total dilution to exit
65%
40%85%
Province
Investment structure
Highest personal marginal rate · 66.67% inclusion
Tax & Structure Breakdown
Personal vs. Holdco — Side by Side
| Exit | Gross | Personal | Holdco Now | Holdco Defer 10yr | Best Structure |
|---|
Exit Scenarios — Detail
Personal
After-Tax Return by Exit Value
Investment Amount Comparison — Base Case ($2B exit, F&F cap entry)
Scenario Guide
Modest
$500M exit
Acqui-hire or early strategic exit. Buyer values the team and IP but product is pre-scale. Below NUVIA’s outcome but still a win for the founding team.
Base Case
$2B exit
Strategic acquisition similar to NUVIA’s $1.4B Qualcomm sale, adjusted upward. Intel or another semiconductor player acquires for compute IP. Most likely outcome given the team’s track record.
Upside
$6B exit
Hyperscaler (Meta, Google, Microsoft, Amazon) acquires at a premium for datacenter compute sovereignty, or IPO in a hot AI chip market. Requires the AI CPU thesis to fully play out.
Wild Exit
$10B exit
Generational outcome — IPO or arms-race acquisition at Arm Holdings-level valuation. Requires market leadership in AI datacenter CPUs and ideal macro timing.
Glossary of Terms
F&F Valuation Cap (SAFE)
The maximum valuation at which your convertible note converts to equity. Even if the Series A prices at $1.5B, your cap means you convert as if the company was worth your cap amount — giving you far more ownership per dollar. This is the single most important number to negotiate.
Series A Pre-Money (Institutional)
What Sequoia and other institutional investors are paying at. Higher valuation = smaller slice for institutions. For you, this number is less relevant if you have a low F&F cap — your entry price is locked to your cap, not this number.
Holdco (Extract Now)
Ontario CCPC receives the capital gain. Corp pays ~50.17% tax on the 66.67% taxable portion. The non-taxable 1/3 flows into the Capital Dividend Account (CDA) and can be paid out tax-free. Remaining balance extracted as eligible dividends taxed at ~39.34%. Often worse than personal unless deferral is used.
Holdco (Defer 10yr)
After corp tax, leave proceeds inside the holdco compounding at ~2.5%/yr net (after passive corp tax). Extract over time in retirement at a lower personal bracket (~33%). CDA portion always extracted tax-free. This strategy beats personal investing at larger exits where the deferral and lower retirement rate offset the higher initial corp tax.
Dilution
Each subsequent funding round (Series B, C, D) issues new shares, shrinking your percentage. A typical F&F to exit journey involves 60–70% total dilution. Your dollar return grows with the exit value even as your % shrinks.
Capital Dividend Account (CDA)
A notional account inside a Canadian private corporation. When a corp realizes a capital gain, the non-taxable portion (1/3 under 2024+ rules) is added to the CDA and can be paid out to shareholders as a completely tax-free capital dividend. This is one of the primary reasons to hold startup equity in a holdco.
Retirement Strategy — Stop Working at Year 11 (2036, Age 54)
Target date retained; funding and WL bridge require revalidation